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to stop the economy falling off the fiscal cliff. talks are taking place before tax rises and spending cuts come into effect on january 1. the woman who's a gang rape sparked mass protest in india has died in hospital. doctors treating the 23-year-old say she was showing signs of severe organ failure before her death. thousands of iraqis are protesting, accusing administration of marginalizing them. the so-called fiscal quiff threatening the u.s. economy. have we are joined by an economics columnist with the washington newspaper. he says without an immediate deal, the discussion will significantly change in the new year. >> i think what we will see from the republicans is much greater flexibility as we get into the new year, if it comes to that. and, instead of voting for a tax increase, they are voting for a tax cut. the same policy, when you are voting for it on january 4, would be a tax cut. today, it would be a tax increase. it is a weird way of thinking about it, but we are a strange land, in terms of u.s. policy right now. heather is a sense the entire dynamic would change if we
on resolution of the fiscal cliff and the government and the economy. >> a lot of ways to measure thet but the most direct way for momentum home buyers and sellers is prices. do you expect that trajectory to continue? >> i do.we have raised prices ia little more than half of our communities. it's been relatively modest. but as we observe and we read stats, we are getting a lit lite more confident and may push prices a bit more in 2013. >> what are you finding in termg materials. the commodity that it takes to put up the toll brother homes. >> we are seeing that increasea. in 2012 we have seen the cost go up $4,500 a home. move o most of that was in the commodities. as we go to 2013 it's hard to predict. i don't think we'll see labor stay war i where it is and thatl increase and the commodity as well. >> do you expect it to remainch. >> i do expect it to remainchea. the fed has made that commitment to the extent that you can call it a commitment and it's in the best interest of the continued recovery of the economy to keep mortgage rates low because housing is a vital component of emplo
to have a fiscal cliff recommendation soon. >> we will be working hard to see if we can get there in next 24 hours and so i am hopeful and optimistic. >> reporter: but the sticking point remains finding something that can make it through the house with enough support from republicans. >> it seems like the 250 threshold that the president proposed previously is unlikely to pass the house in its current form, and so without some sort of additional compromise there, it seems unlikely that we're going to get something done before the end of the year. >> susie: you know thanks for that report. i am just wondering from all of the reporting you have done, do you think we are better off with a bad deal than no deal at all? >> you know susie when peopletal they are talking about a bad deal in political terms. frankly it's republicans that are most worried about the bad deal they have most leverage. the president has the most leverage. they are worried about a bad deal. any deal that gets us past the fiscal cliff is going to be seen as a good deal. >> susie: it seems like we are further apart than
of that fiscal cliff to a gentle, let's say, bunny slope. we have a fragile economy, but it's accelerating and it's predicted as this year to grow. it grew at 2% to goh at 3% or more this coming year so you want this skier, so to speak to go down the slope and pick up speed so when you do come to the grand bargain that has $3 trillion of debt reduction. all they've got to do is shoulder 1 billion, changing the scale and put the rest of that in the following nine years and that's something that they'll come up with. >> where do they find it? there are various places, and just that, there's $118 billion if you didn't do the payroll tax extension holiday and if you didn't do that at $250,000, that's almost the same equivalent amount or if you wanted to step back and say hey, let's make sure that these defensive, domestic sequestration cuts of $100 billion and half of that and you can take smalles poohes of that and come up to $100 million and know that it will grow close to 3%. that's the key, and that's why they're behind closed doors today. coming up with that, you don't have to have it done by ja
. >> so despite its name, a lot of strategists say that the fiscal cliff will not hit the economy right away and that could give lawmakers some time to continue negotiating, perhaps, but it's unclear how long the market will tolerate that uncertainty. so, what if no deal is reached and no action is taken? >> well, heather, i actually believe that might be the best outcome of all. when we look at it, there's not really a cliff. what happens on wednesday morning, the first day of the year, we'll roll out of bed and put the gasoline in our car and go to work. so there's not going to be a big change immediately. there will be an increase in taxes, something that's already been agreed to. you know, 12 years ago they agreed to the bush tax cuts would have a sunset provisions and the cuts to spending that will occur were agreed to two years ago with the debt ceiling agreement. so they already have a compromise agreement, they're just trying to change that compromise. >> and speaking of change, what if a partial deal is reached, which is what we're talking about right now, through possibly that
of that will be contingent on resolution of the fiscal cliff and the government and the economy. >> a lot of ways to measure thestrengthening enhousing market but the most direct way for momentum home buyers and sellers is prices. do you expect that trajectory to continue? >> i do.we have raised prices in a little more than half of our communities. it's been relatively modest. but as we observe and we read stats, we are getting a lit little more confident and may push prices a bit more in 2013. >> what are you finding in termsof the cost of building materials. the commodity that it takes to put up the toll brother homes. >> we are seeing that increaseas well. in 2012 we have seen the cost go up $4,500 a home. move of most of that was in the commodities. as we go to 2013 it's hard to predict. i don't think we'll see labor stay war it where it is and that will increase and the commodity as well. >> do you expect it to remaincheap the housing market. >> i do expect it to remaincheap. the fed has made that commitment to the extent that you can call it a commitment and it's in the best interest of the continued
on the horizon. right now, the country's attention and that of the media is on the fiscal cliff, and i understand that. economy of the nation and the world may be at stake here. i think that sooner or later, there will be some kind of an agreement. will we are talking about here is a fundamental change in the ruling, the possibility of a fundamental change in the way the senate does business peeping basically changing the rules of the senate from either 60 votes, sometimes 67, to 51 votes, which would make as no different than -- make us no different than the house of representatives, and of course would reduce us in many respects not to irrelevance in the minority party. here is the problem. on one side, the majority leader and the democrats are frustrated by their inability to move forward with legislation. every time there is an opposition to a motion to proceed, which takes days and then they proceed, and that has made the united states congress -- one of the reasons why the united states congress is judged the least productive congress since the year 1947. so, understandably the majority is
of those worries about the fiscal cliff and maybe slower growth in trust economy, the stock market has had a great year. too bad you missed out. the smart money has been in the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users, pummeled the stock, which is on its way back to the ipo price. >>> number seven, mother myer. the new ceo of yahoo! who announced she was just going to take a two-week maternity leave. >> number six, mother nature, an intense drought in the midwest that scorched the corn and soy crop sending prices sky high. >> the ocean is just beyond. >> and who can forget superstorm sandy? millions of neighbors, their houses swept away without power, damages, and raising questions about infrastructure and whether we should be spending some money to fix it. >>> number five, china, is china slowing or leading the world? we do kno
." thanks for that. coming up next, the u.s. economy is on the verge of taking off but this fiscal cliff mess could get in the way. how much? what can we expect in 2013 with or without a deal? aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you need them. visit usps.com pay, print, and have it picked up for free. any time of year. ♪ nice sweater. thank you. ♪ [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. it's lots of things. all waking up. ♪ becoming part of the global phenomenon we call the internet of everything. ♪ trees will talk to networks will talk to scientists about climate change. cars will talk to road sensors will talk to stoplights about traffic efficiency. the ambulance will talk to patient records will talk to doctors about saving lives. it's going to be amazing. and exciting. and maybe
the fiscal cliff, president obama and republicans issued dueling messages on the web. >> we cannot afford the self inflicted wound to the economy. the folks you send to washington have to do their jobs. >> reporter: if the nation goes over the fiscal cliff next tuesday each side says the other is to blame. >> we can avoid the fiscal cliff if the president and the democrat-controlled senate step forward and work with republicans to solve this problem and solve it now. >> reporter: all over the country right now, uncertainty is in the air. >> it's not a matter of am i going to pay my light bill but is it going to deplete my savings. >> even if the impact isn't real, the perceived impact could cause a dropoff in sales. >> reporter: gets a deal is up to the top democrat and top republican. >> we are engaged in discussions, the majority leader and myself and the white house in the hopes we can come forward as early as sunday and have a recommendation. >> whatever we come up with will be imperfect. that's where we are. >> reporter: harry reid and mitch mcconnell say they are confident they can
to show for itself after two years. coming up next, how the massive gains in the fiscal cliff could impact your 401k and the economy. stay with us gerri: big tax hikes set to t gerri: you make it, they take it. 23.8% is the raise that policymakers will see on capital gains. chris edwards joins me now. he is director for tax policy studies at the cato institute. i would like to show people what we're talking about. he gets confusing for people. we have a current tax rate, 15%. on january 1, the capital gains tax rate will jump to 23.8%. i talked to a lot of my friends and they say that's not a big dumb. what you say? >> it is a big jump. if you add state taxes on top of that, the united states will be up to 20%. our major trading partners, britain and europe and canada -- they are only 16%. so there is a very good reason why just about every industrial country has a really low capital gains tax rate. that's because policymakers just about everywhere know that low capital gains tax rates are crucial for a growth of economy and entrepreneurship and high-technology industries. gerri: so what i
the u.s. economy from going off the fiscal cliff. after a late afternoon meeting with the top four congressional leaders at the white house, president obama offered this assessment. >>> i'm modestly optimistic -- nobody is going to get 100% of what they want. but let's make sure that middle class families and the american economy and in fact the world economy aren't adversely impacted because people can't do their jobs. >> sources say house speaker are john boehner deferred to senate colleagues and told them house leaders would consider, accept or amend their plan. what s not expected to be included in any deal is increasing the debt limit, something democrats have wanted and republicans have resisted. >> we he haded a long meeting in the white house and it was constructive. we hope that it will bear fruit. but that is what we hoped a lot. i think that the next 24 hours will be very instructive as to what we are able to accomplish. >> if it doesn't work president obama wants lawmakers to vote on what would essentially be plan c. here is what it would include. focusing on three key
of their facilities. >> thank you, barbara starr at the pentagon. >>> "outfront" next, worries about the fiscal cliff wreaking havoc on our economy. stocks down for the fifth straight day. what lawmakers must do to stop the bleeding. >>> we count down our top political rivalries. find out how many of your favorite politicians made this list. ve, and save your money. joe doesn't know it yet, but he'll work his way up from busser to waiter to chef before opening a restaurant specializing in fish and game from the great northwest. he'll start investing early, he'll find some good people to help guide him, and he'll set money aside from his first day of work to his last, which isn't rocket science. it's just common sense. from td ameritrade. ...but he'd wait for her forever, for any reason, and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. i have a cold, and i
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of fiscal-cliff type episodes. another debt ceiling debate coming up early part of next year, as well. >> yes, we do. >> i hope we can get leadership. >> okay, thanks, dylan glenn, thanks so much. >>> so what could the fiscal cliff mean for wall street and your retirement fund? i'm going to ask independent new york stock exchange trader in about one hour from now. >>> all right. let's switch gears here. because after newtown, gun buybacks are making headlines across the country. >>> and we're going to tell you how donors funded the biggest buyback ever in one connecticut town. i know. i'm will, and this is the nokia lumia 920 from at&t. it's got live tiles so all my stuff's always right there in real-time. it's like the ultimate personal assistant. but i'm me, and me needs handlers. so i hired todd to handle it for me. todd, gimme that hollywood news! what's happening on twitter? you're trending! yes! you can't have a todd, but you can have your own personal assistant. i guess you could call it todd. [ male announcer ] the new nokia lumia 920 with live tiles that deliver what you want
about on the rise and a sales surge. we have retail and economy news. everyone talking about fiscal cliff, taxes going up. a little detail not many people talking about, but will get their attention if you say your milk prices could double, triple? >> got milk, t.j.? talking about the dairy cliff. and the conchalgressional agricultural committee will come together. the price of milk will increase. right now, a gallon of milk about $3.50. set to go up to -- get this. $8 by january. if this new man isn't implemented. part of the talks that's going on with the president. they hope this will move forward. nobody wants the price of milk to be drink up. >> farm bill, it maybe goes over their heads. but i tell somebody that $8 for a gallon, they pay attention. >> this is a farm bill they really want to concentrate on. who wants to pay $8 a gallon for milk. >> this isn't the only thing that could shoot up. >> right. we're also talking about grocery prices too. about 12 different items will go up in 2013. some of the main ones, fwrogroc prices up 4%. the reason why, remember the drought that
that happens with the fiscal cliff. >> who gets us through that? anyone left? >> well, your guess is as good as mine. white house people say that obama refuses to negotiate and he believes that the public is behind him, but it is not a compelling argument no the house republica republican, and that is the huge danger that people are focusing on which is the debt limit, because it is not part of the discussions, and that means we will go through it again in 60 or 90 days. >> thank you, josh green from bloomberg business. that is "hardball" for now, and coming up next is "your business" with jj ramberg. that will make it drop over, and over again. ♪ from jammin' jerk chicken, to creamy gouda bisque. see what's new from campbell's. it's amazing what soup can do. see what's new from campbell's. progressive direct and other car insurance companies? yes. but you're progressive, and they're them. yes. but they're here. yes. are you...? there? yes. no. are you them? i'm me. but those rates are for... them. so them are here. yes! you want to run through it again? no, i'm good. you got it? ye
. >> the president says he's optimistic, congressional leaders promise avivement why the fiscal cliff compromise will be a cliff hanger. >> and a step back in time. how you can buy a piece of the past from your favorite ride. >> grieve, i'm elizabeth cook. >> a man and child pull from the waters and sadly, neither survived. the coast gash got the call of two people in the warter near point bonita. alyssa is there. >> reporter: the bodies were taken to fort baker. the man and young boy were at black sands beach. known for it's beautiful views of the city and treacherous surf. this stretch of coastline in sausalito is where a man and child were swept to sea and drowned. they were found floating under the golden gate bridge. late this afternoon, around 4:00, a third person who was taken out by the waves was able to get out of the surf and call 911. >> rescue united arrived and recovered two bodies, one male adult and one child. >> reporter: the water, a chilly 53 degrees. there was a high surf advisory. the beach is popular for fishing and picnics an it is dangerous with steep paths an rocks. it wa
is that the fiscal cliff is a way that we would put a ton of economic damage in the economy and a lot of uncertainty about whether washington can govern. but just as important or using that fiscal cliff and not going over it and using that moment to put that bigger debt deal that you were talking about into place and it seems that policymakers who all know we need to do it with both the spending, and just unwilling to make the hard choices and that will be another december and if we have some kind of bipartisan punt that makes the situation worse, not better and citizens across the country and they shouldn't expect this, and in the long run. >> and it has not been able to come under -- this is what he wrote of you, in part, quote, she, like pretty much all of the deficits go, actually empowers hyperpartisanship by always condemning both sides equally no matter who is, and in practice, these days that almost always means making excuses for hard liners and the gop. are you an excusemaker? >> listen, anybody who is a member of congress was elected and sent there. that means that they reflect the voters
the fiscal cliff, each side says the other is to blame. correct we can still avoid going over the fiscal cliff if the president and senate step forward and work with republicans to solve the problem. >> all over the country, uncertainty is in the air. >> it is not a matter of whether i will pay might not like bill, but it will the played my savings. >> it is the perceived impact that could cause a drop in sails. >> getting a deal is up to the 's top democrat and republican. >> we are engaged in discussions in the hopes we can not come forward as early as sunday with a recommendation. >> whatever we come up with will be in perfect. some people will not like it. some people will like it less. that is where we are. >> harry reid and mitch mcconnell say they're confident they can find a compromise, but then they have to sell it to john painter and his fellow republicans before -- to don banner -- john painter and his fellow republicans before the deadline. >> he has called them back for a rare saturday session. this sunday, president obama will be the exclusive guest on "meet the press. you
to, not the-- not the fiscal cliff, it's the psychology of the fiscal cliff, and the sad truth is whether they do a deal now or they thoughtfully do a deal six months from now, really, nothing will be accomplished. the fact is, public debt is consuming our economy. it's about 73%, regardless of what deal gets done. it will be about 73, 74% ten years from now. we've done nothing and nothing will be done to address social security, which is now officially running a deficit, medicare, medicaid costs are growing ast nomically. at least do a dumb deal now and get people over the fiscal cliff and kick the can down the road, that's going to happen anyway. >> steve, no deal, bad deal? i kind of feel like i'm playing poker. what do you think? >> i can't believe it, but i agree with jim. the most deficit reduction is going to come from no deal. and that's what we need. that's what this economy needs, the biggest threat to economic growth, if the deficit and the debt, 4 trillion, everybody talks about it as some sort of grand bargain. it's barely a start. this isn't a fiscal cliff, it's a
congress reaches, it will be a big tax cut. but the other thing about the fiscal cliff is you don't want to be blamed for going over it. it is going to be bad for the economy. it's bad for the country. what speaker boehner's done is create a situation in which we're going to go over the fiscal cliff. but the people who want higher taxes, the democrats, they're not going to be blamed for it. after all, it was john boehner who walked away from negotiations to try plan "b" last week. then it was john boehner who planned to pass plan "b" that very same week. then it was mr. boehner who said it was up to the senate, someone else's problem. just from a pr perspective, what john boehner has done here is a debacle for the republicans. and the white house, they've just been sitting back the last week or so and letting it happen. but today, they gave us their plan going forward. you could call it deal and jam. >> i'm optimistic we may still be able to reach an agreement that could pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. but if an agreemen
that lawmakers may not lead us over that fiscal cliff after all. coming up next, president obama draws a line in the sand. we'll explain his plan for averting a tax hike. >> thank you for calling. >> i team reveals why a state agency is too busy to take your calls. >>> a late afternoon meeting brings progress towards avoiding the fiscal cliff. tonight abc 7 news mark matthews has been looking into the cost governoring over the live cliff. >> remember, last year it? was part of a deal to end the debt ceiling crisis. congress agreed to steep a spending cuts going into reduce the deficit. cuts now are just around the corner. >> the president says he's optimistic but did f.a deal can not be reached he'll tell hairy reid to introduce a fall back bill. >> put a bill making sure tax on middle class families don't goup, that unemployment is available for two million people z that lays ground work for additional deficit reductions and economic growth steps we can take in the new year. >> the bill, as the president calls bare minimum isn't what many hoped for, pushing off until next year, larger pron l
if a budget deal is reached in washington. if if the u.s. economy falls off the fiscal cliff, it will have an impact around the world. haus sirken is a partner and fellow of the overseas markets and joins us from chicago. thanks for being with us on this weekend. the idea -- >> great being with you, martin. >> thank you. the idea of the world being affected by the fiscal cliff problem here in america wasn't really lost on the president after his meeting with congressional immediate leaders yesterday. let's listen. >> i'm modestly optimistic that an agreement can be achieved. nobody is going to get 100% what have they want. but let's make sure that middle class families and the american economy and, in fact, the world economy, aren't adversely impacted because people can't do their jobs. >> so that begs the question, hall. how are other countries preparing for this really precarious situation and one in which they really have no control. >> well, martin, there's not much they can do to prepare. what will happen, if the fiscal cliff turns out to take place, is that we'll start to see the eco
leaders left the white house today without a deal to avoid the fiscal cliff. but the leaders and the president are still trying. >> i'm modestly optimistic that an agreement can be achieved. let's make sure that middle class families and the american economy and in fact the world economy isn't adversely impacted because people can't do their jobs. >> reporter: harry reid and mitch mccono agreed to spend the weekend working on a fall back plan that can pass both chambers of congress. >> some people will not like it, but that's where we are. >> reporter: president obama is pushing for a stop gap measure that would at least avoid tax increases on people earning less than $250,000. frustration is growing. a simple stop gap percent is not what men -- measure is not what many in washington hoped for. many blame president obama for the collapse of a bigger deal that would reduce spending and cut the country's debt. >> it is the president's responsibility to lay out a plan and to bring people together. >> house members don't get back here tonight sunday night. >>> president david wil
its own fiscal cliff. i will soon be introducing a bill that will allow the city to refinance its considerable debt at a lower interest rate, saving it. furthermore, i am proposing eliminating capital gains taxes on investment. it is a way to spur investment. saying that, in the city of jewish right we have an extraordinarily high number of people who have lost hope because they are not working. they're out the metropolitan region -- throughout the metropolitan region we have thousands of job better going unfilled because they cannot find people qualified to be hired into those jobs. we have a skills gap in detroit as well as in this country. i know you understand these economic challenges we are facing. how you feel investing in assets innovation would help us close that gap? >> i in the first university graduate in my family. the only reason i studied science and came to this country because the commitments this committee has made. i believe that power of investments that come from these have a tremendous effect on the youth on the young high school student who is making decisio
, an active government. remember, the economy was going off a cliff. a real cliff. and not a symbolic fiscal cliff. i mean, but it was a real economic cliff, over which we had no control at all. he took the reins and prevented another great depression. we had a very, very deep recession and we are still in the gravitational pull of that deep recession, but a lot of conservative republicans, many of whom had been elected in 2010, they looked at what president obama had done with regard to the stimulus package, and everything else, and they said, this is simply too much government. we hate government, we don't want government. and we were elected on a very ideological platform of shrinking the federal government. of kind of an anti-government obsession, of the sort that we haven't seen in this country in decades. >> all right. well, we're looking for the isaac newton to free us from that gravitational pull of these republican ideologues. robert reich, thank you so very much. and our sincere apologies to amanda turco of "the huffington post," who was unable to join us due to technical difficult
? the fiscal cliff, still looming. spending cuts and tax hikes that could shove our economy into recession. and a deadline lawmakers ignored until the very last possible minute. live pictures now of the capitol. looks beautiful. man, but there's a lot of wrangling going on there. lawmakers are back up -- had their backs up against the wall right now. and as they try to find a plan that can pass congress. let's hope they do. cnn's chief white house correspondent is jessica yellin. she is following the negotiations, working very hard on this saturday. so jess, democrats and republicans are supposedly working on a plan, even as we speak. what do we know about it? >> reporter: well, we know, don, that it's the senate leaders that are hashing this out. and what they're looking to negotiate is a deal that would extend current low tax rates for middle income americans. we don't know the exact threshold levels. so would it be people who make $400,000 and less, would it be $250,000 and less. but something that would extend low rates and then increase them above. extend probably unemployment benefit
of a fiscal cliff deal, but many believe that will end up hurting the economy, giving a disincentive to invest money? was that just focused on the real wealthy? >> i hear that argument a lot. number one is, i'm really tired of our tax policy decisions. you know, everything, being made by what the market's going to do in the next quarter. this is about aberration of the tax code and grossly unfair. say they raise top tax rate to 39.6% for those making more than $500,000. that means a lot of small businesses will are paying that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20, even 24, depending where they put it. it's not an issue of penalizing investment income. it's an issue of penalizing labor, and those who make their income through wages. both are legitimate and both should be taxed at the same rate. so i do -- again, fundamental tax reform could solve this problem, but at least raising the capital gains rate would help address this anomaly and susan collins and claire mccaskill have a proposal to try to give small business owners, legitimate smal
for their businesses, should they buy a new computer, hire new people, the fiscal cliff is damaging the economy today. >> juliet: what are they doing? they don't know what to do. you have to act the at a certain point. are they laying people or, are they not moving? >> it's minimalist, do the least amount you can do at this point in time until you know what your tax liability is going to be. until you know what the economic outlook's going be to be. are we going to have another recession. >> juliet: how is that affecting them by doing the least, the least type of movement, i guess you could say? >> many of my members are not giving out bonuses, they're freezing pay, not hiring. that's what's happening on the main street america. and the fiscal cliff impacted already and main street small businesses are feeling that impact. if we go over the cliff, of course, it will be exacerbated and even worse, starting on january 1, the payroll taxes start going up and the rest of us. i think most small businesses people are convinced nobody in washington has a clue how to run a business, how to balance the books,
to avoid the fiscal cliff. >> the hour for immediate action is here. it is now. and the american people are not going to have any patience for a politically, self-inflicted wound to our economy. >> reporter: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours trying to come to a bipartisan agreement on a smaller fallback plan to keep at least some taxes from going up. after the meeting, house democrat leader nancy pelosi told us she's at least a little encouraged. >> it was constructive. as i say, candor is constructive, and i think it moved us forward, but we'll see. >> reporter: it was the first meeting with the president and all the congressional leaders in six weeks. it follows an impasse that has shaken wall street, the dow down more than 400 points since talks stalled last week. and on main street, business owners like drew greenblatt, who owns a wire basket manufacturing company in baltimore, say the coming fiscal cliff is already causing pain because they just don't know what will happen to their taxes. >> right now we're doing our
the fiscal cliff with a big debt deal. and they're once again starting to talk about the debt ceiling as something that it's not at all clear will be raised in a responsible way. and by responsible, what would happen is they raise the debt ceiling in return for putting in place budgetary changes. but if there's a real threat of not raising the debt ceiling, there's just too much uncertainty right now which could rattle markets and harm the economy. so i'm worried about holding the country hostage on that. i would much prefer to put in place a comprehensive debt deal in advance of that and raise the debt ceiling at the same time. >> all right. well, i know you keep an eye on this better than just about anybody out there. myra mcguinness, thank you for your time. i know we'll be talking to you down the road. >> thank you. >>> let me turn now about 18 minutes from now i'm going to get up here. craig melvin is going to be in the chair. craig, good morning to you, kind sir. how you doing? >> good to see you over there, my friend. >> good to see you, my man. >> welcome welcome. coming up ne
if the country goes over the fiscal cliff. it is a cliff that lawmakers built, they have set the tuesday deadline and knew it was coming for more than a year, but until now, even now they have done precious little to agree on taxes and spending cuts by that time. keeping them honest, the people in this building have known what is coming on tuesday, yet they're only returning to get to this building to get back to work just now. senators came back yesterday. house members? well, they wouldn't be back until sunday. this afternoon, house and senate leaders met with president obama at the white house. they talked for about an hour. afterwards president obama said he was modestly optimistic. by passing house speaker john boehner who has had trouble getting his fellow republicans to agree to anything, the president called on senate majority and minority leaders harry reid and mitch mcconnell, to lay out a deal. >> if we don't see an agreement between the two leaders and the senate, i expect a bill to go on the floor. and i have asked senator reid to do this. put a bill on the floor that makes sure that
the white house after trying to negotiate an 11th hour deal to avoid the "fiscal cliff" of tax hikes and spending cuts that begin on january 1. the president emerged shortly after admitting no deal had been reached at least not yet. >> we had a constructive meeting today. senators reid and mcconnell are discussing a potential agreement where we can get a bipartisan bill out of the senate over to the house and done in a timely fashion. >> reporter: the senate is in session today and is expected to return on sunday along with the house. >> we are engaged in discussions, the majority leader and myself and the white house, in the hopes that we can come forward as early as sunday and have a recommendation. >> reporter: but time is clearly running out for congress. st. mary's college political professor steven wol fert says the senate needs to introduce something today or they will likely not make the deadline. >> the deadline is so short and the amount of time necessary to go through the procedural steps to approve legislation are so numerous that they are right up against the very limit
. fiscal cliff crisis taking a toll on consumer confidence. putting things in context, here it is. a score of 90 on the conference board's index means the economy is healthy. last time we saw that number was 2007 before the start of the financial crisis. over the last two months we've seen steady declines. november's report showed a score of 71.5 and 65.1 in december. that is lowest number we've seen since august. joining us now for more on this is jonathan hunt, portfolio manager for capitalist pig hedge fund. contributor to for fox news channel, good to see you. >> happy new year. >> consumers have no faith in congress, guys get your act together. if there is a deal tomorrow, how do you think is this is going to affect consumer confidence over the next six months? >> it might slightly help but already there is a tremendous damage done. it's no surprise that consumers are not confident. to be confident you have to have some slight semblance of certainty and we haven't had anything like that. consumers want to think long term and budget but trillions of dollars and hundreds of millions of
. unwilling and unable perhaps, for what will ensue of the fiscal cliff. but the fact is that we are looking at a real prospect that the republicans will be held responsible and mustplan be actually has the effect of shifting some of the responsibility to the president read what you think are the odds? >> i think he will be held responsible for the economy in 2013 and 2014. you cannot blame george w. bush anymore. they control the senate. it is their economy for sure. so i think that you're going to see a real problem in 2013 and 2014, but i do think it's obama's onomy now. the republicans passed the tax cuts for one group, let's say all the way through, not the very top group, i don't know where that negotiation is going to come out, but if they do that, i think that they will be held blameless for the economy. lou: as we wrap up here, i would like to ask you a question this way. because i said last year that i felt strongly at the beginning of the campaign. the democrats were the republican -- the democrats or the republicans, which party led the discussion to the enduring that of the midd
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